Trump picks crypto advocate Paul Atkins to head SEC

Zoom in: Atkins served as a commissioner for the securities regulator from 2002 to 2008 under George W. Bush. (There are five commissioners, including the chair who heads the agency.)

• He's referred to as a pro-business conservative and has advocated for lighter regulation.
• A year after leaving the SEC as a commissioner, he founded a consultancy, Patomak Global Partners, described by Bloomberg as "one of the most prominent sounding boards for banks, trading firms, fintechs ... seeking guidance on how to influence and respond to Washington's edicts and investigations."

What they're saying: "Paul is a proven leader for common sense regulations," Trump said in a Truth Social post. "He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World."

The big picture: Atkins' nomination can be viewed as the second half of Trump's promise to the crypto industry for a friendlier Securities and Exchange Commission.

• Current chair Gary Gensler, who Trump threatened to "fire" in July, will step down on Inauguration Day. Gensler has led an aggressive tenure at the SEC marked by controversial rulemaking and a combative enforcement approach to the crypto industry.

Editor's note: This report has been updated with additional background information on Atkins.